SAFETY INSURANCE GROUP INC

For the period ended Dec 31, 2023. Filed Feb 28, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 28, 2024

SAFT$104.40+0.1%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Statements of Cash Flows

Consolidated Statements of Cash Flow****s


· · Year Ended December 31,
· 2023 · 2022 · · 2021
Cash flows from operating activities:
Net income	$18,875	$46,561	$130,710
Adjustments to reconcile net income to net cash provided by operating activities:
Investment amortization, net	(310)	1,693	4,234
Fixed asset depreciation, net	6,949	6,610	6,896
Stock based compensation	4,332	5,980	6,292
Provision for deferred income taxes	1,655	(8,371)	5,323
Net realized gains on investments	(1,327)	(9,190)	(14,885)
Credit loss expense (benefit)	530	(14)	(363)
Earnings from partnership investments	(4,635)	(8,388)	(13,896)
Change in net unrealized gains on equity securities	(7,502)	44,386	(16,130)
Changes in assets and liabilities:
Accounts receivable, net	(64,145)	(21,589)	8,194
Accrued investment income	951	(811)	644
Receivable from reinsurers	(19,370)	2,519	10,842
Ceded unearned premiums	(3,893)	(4,658)	(1,389)
Deferred policy acquisition costs	(16,335)	(2,558)	1,938
Taxes recoverable/payable	(2,405)	3,237	(1,229)
Other assets	(2,128)	(6,477)	(3,346)
Loss and loss adjustment expense reserves	53,483	(21,053)	3,070
Unearned premium reserves	94,775	19,888	(8,414)
Accounts payable and accrued liabilities	(9,341)	(2,680)	(2,876)
Payable to reinsurers	4,497	2,252	956
Other liabilities	(2,542)	(3,011)	24,823
Net cash provided by operating activities	52,114	44,326	141,394

Cash flows from investing activities:
Fixed maturities purchased	(91,674)	(215,092)	(355,561)
Equity securities purchased	(50,849)	(52,192)	(59,296)
Other invested assets purchased	(19,066)	(20,204)	(32,814)
Proceeds from sales and paydowns of fixed maturities	102,143	154,491	213,665
Proceeds from maturities, redemptions, and calls of fixed maturities	19,542	86,406	144,910
Proceed from sales of equity securities	64,691	43,348	26,724
Proceeds from other invested assets redeemed	3,377	2,933	4,608
Acquisition, net of cash received	(2,112)	(17,586)	—
Fixed assets purchased	(1,783)	(2,092)	(8,225)
Net cash provided by (used for) investing activities	24,269	(19,988)	(65,989)

Cash flows from financing activities:
Proceeds from FHLB loan	20,000	5,000	—
Payments on FHLB loan	(25,000)	—	—
Dividends paid to shareholders	(53,291)	(53,038)	(54,008)
Acquisition of treasury stock	(5,240)	(14,603)	(11,563)
Net cash used for financing activities	(63,531)	(62,641)	(65,571)

Net increase (decrease) in cash and cash equivalents	12,852	(38,303)	9,834
Cash and cash equivalents at beginning of year	25,300	63,603	53,769
Cash and cash equivalents at end of period	$38,152	$25,300	$63,603

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Federal and state income taxes	$6,072	$19,119	$29,190
Interest	$811	$507	$507

In this Form 10-K, Notes to the Consolidated Financial Statements, dollar amounts are presented in thousands, except per share data.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.